12 February 2014
Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies (jointly referred to as “Metinvest” or “the Group”), today announced that subsidiary MetalUkr Holding Limited (Cyprus), which is wholly owned by Metinvest B.V., has transferred 78.31% of Northern Iron Ore Enrichment Works (“Northern GOK”), 99.48% of Central Iron Ore Enrichment Works (“Central GOK”), 0.25% of Azovstal Iron and Steel Works (“Azovstal”) and 1.21% of Khartsyzk Pipe Plant (“Khartsyzk Pipe”) to Metinvest B.V. as part of the ongoing restructuring of its business.
As a result, Metinvest B.V. controls 78.31% of Northern GOK, 99.56% of Central GOK, 74.5% of Azovstal and 93.0% of Khartsyzk Pipe (in terms of charter capital). The transaction did not involve any cash and has not affected the Group’s consolidated cash flow.
The shares were transferred to help the Group to reach its intended structure and improve its business transparency and management efficiency.
- For editors:
METINVEST GROUP is a vertically integrated steel and mining group of companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It comprises steel and mining production facilities located in Ukraine, Europe and the US, as well as a sales network covering all key global markets. The Group is structured into two operating divisions, Metallurgical and Mining, and its strategic vision is to become the leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability resilient to business cycles and providing investors with returns above the industry benchmarks. For 9 months ended 30 September 2013, the Group reported revenues of US$9.8 billion and an EBITDA margin of 18%.
The major shareholders of METINVEST B.V. (the holding company of Metinvest Group) are SCM Group (71.25%) and SMART Group (23.75%), which partner in the Company’s management.
METINVEST HOLDING LLC is the management company of Metinvest Group.